Big Money

This downtown Austin avenue is the 10th most expensive street in the U.S.

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Congress Avenue is among the most expensive stretches of real estate in the country.

Photo by Nicole Raney

Fifth Avenue, Pennsylvania Avenue ... Congress Avenue? According to a new study, this 12-block stretch of downtown is raking in some seriously high commercial rents.

According to professional services firm JLL, Congress Avenue is the 10th most expensive stretch of real estate in the U.S., joining such famous streets as San Francisco's Sand Hill Road (No. 1); New York City's Fifth Avenue (No. 2); and Pennsylvania Avenue in Washington, D.C. (No. 6).

In order to determine the 50 most expensive streets in the U.S., JLL looked at a variety of factors, including average full-service rent, average market asking price per square foot, and the ratio of the street's average price to market average.

Congress Avenue commands on average $58.25 per square foot for full-service rent (which means the rent is all-inclusive) and an average asking rate of $55.20 per square foot. Comparing the average price on Congress versus the market average for the whole city, renters can expect to pay about 5.5 percent more for the hot downtown locale.

"Traditionally home to financial and state-government users, a wave of new office, multifamily, and retail developments has transformed Congress Avenue into one of the market’s most dynamic corridors," the firm said in a release. "A newcomer to the list’s top 10, Congress Avenue ... boasts a tiny 9.5 percent vacancy."

There are two other hot — and expensive — streets in Texas: McKinney Avenue in Dallas (No. 14) and Main Street in Houston (No. 21).

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Homebuyers can afford to be picky as Austin housing inventory rises

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Housing economist Clare Losey said the most significant factor affecting home sales in Austin is high mortgage rates.

The latest real estate report from Unlock MLS and the Austin Board of Realtors (ABoR) has revealed housing inventory is still on a steady rise in the Austin-Round Rock-San Marcos MSA, creating more choices for potential homebuyers as they navigate a high interest rate market.

Residential home sales dipped by a mere 1.5 percent year-over-year from October 2023, amounting to 2,248 closed sales in the Austin-Round Rock-San Marcos MSA. Median prices have also dropped to $430,000, or 3.2 percent less than this time last year. More than 3,300 new home listings were added on the market — a 7.4 percent increase from 2023 — bringing the total number of active home listings to 11,599.

According to Unlock MLS and ABoR housing economist Clare Losey, Ph.D., October's mortgage rates stood at 6.4 percent and are showing no signs of a significant drop in the near future. Even heading into 2025, Losey says potential homebuyers who are biding their time in the hopes of seeing rates plummet "may be in for a long wait."

"In the meantime, sellers must recognize that bringing buyers to the table requires a more aggressive pricing approach," Losey said. "Even in a more balanced market, buyers with limited purchasing power are struggling to meet current price expectations."

As for the overall health of the Central Texas housing market, 2024 Unlock MLS and ABoR president Kent Redding labeled recent news reports that called Austin "ground zero" for a downturn as an "extreme over-exaggeration."

"Austin led the state and nation in record-breaking home price growth and sales activity during the pandemic," Redding said. "For three years, near-zero housing inventory, numerous offers above list price and a rapid-paced market raised home prices and left little negotiating power for buyers. During this record-setting growth, ABoR and Unlock MLS consistently emphasized the unsustainability of the rapid growth, and now, our market is working to balance those extremes."

Central Texas housing trends in October 2024

In Travis County, 979 homes were sold last month — a slight 2.5 percent increase from last year. Median prices remained flat year-over-year at $510,000. Active home listings continued growing to 5,702 homes, which is 9.4 percent more year-over-year.

In Williamson County, 807 homes were sold in October, with median prices steadily dropping to $420,000. There were 1,028 new home listings on the market, showing a 4.5 percent increase from October 2023, bringing the total number of active home listings to 3,369.

Residential home sales dropped by nearly eight percent in Hays County in October, totaling 315 sales. Median prices also fell 5.5 percent year-over-year to $359,000. Active listings rose 6.6 percent year-over-year to 1,740 homes with the addition of 534 new listings on the market.

Meanwhile, 114 homes were sold in Bastrop County last month, which is 4.4 percent more than this time last year. Median prices dropped by a single percentage point year-over-year to $355,000. There were 654 active listings on the market in October, and 152 new home listings, representing a 1.3 percent slip in new inventory when compared to last year.

Only 33 homes were sold in Caldwell County in October to reflect a near 14 percent decline year-over-year from October 2023. Median prices fell to $262,990, which was a 13.5 percent decrease from last year. There were 136 active homes on the market last month, and 40 new homes added on the market.

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